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Naira Hits N1,035/$ In Official Market

Yesterday, the Nigerian Naira experienced a depreciation to N1,035.12 per dollar in the Nigerian Foreign Exchange Market (NAFEM). According to data from FMDQ, the indicative exchange rate in NAFEM surged from N988.46 per dollar on Tuesday to N1,035.12 per dollar, indicating a 5.0 percent or N46.66 depreciation for the Naira.

However, yesterday, the Naira saw an appreciation to N1,235 per dollar in the parallel market, commonly known as the “black market,” compared to N1,250 per dollar on Tuesday.

As a result, the gap between the official and parallel market exchange rates reduced to N199.88 per dollar today, in contrast to N261.54 per dollar on Tuesday.

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